Gold Week 20 Trading Plan

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This is my weekly outlook on GOLD. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out. 

Monthly – Bullish

• MN Bull Engulf at MN VWAP in UT TC giving MN-C-D 1738.50
• Price has traded higher continuing on the Bull Engulf

Weekly – Slightly Bullish

• Price pulled back but closed making a slight HH as a Hammer just below W1-C-S 1847.500 (thus no close within supply)
• Price trading at W1 QHi after coming straight from W1 QLo

Daily – Slightly Bullish

• D1 Three Outside Up (giving D1-C-D 1825.85) following a Bear Engulf reacting off D1-C-S 1836.25 at D1 200MA in R closing within said supply
• Still have ways to go to take out D1 Supply

Sentiment summary – Slightly Bullish

• No continuation to D1 Bear Engulf could indicate a potential strength behind the move higher also indicated by the long buying wick on W1. 
• If price can hold higher there is a higher likelihood of W1/D1 supply getting taken out (although still some way to go). 
• If price retraces to newly formed D1-C-D 1825.85 and holds below there could be a reversal. This would be in line with a possible W1 QHi reversal. Although due to MN Bull Engulf this could be negated. More information is needed.
• Price trading at D1 200MA could see fake outs.

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1847.500
• D1-C-S 1836.250

ZOIs for Possible Long

• D1-C-D 1825.85 (high in distribution curve)

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Feeling okay with NOT trading
  • Have ‘quieter’ weekends
• Weekly Goal
  • Min. 3 times hitting the gym + mandatory cardio
  • Aim to have a minimum of ONE TRADE per trading day
• Trading Rules
  • Be mindful of DTTZs
  • Only price-action based exit rules (or hit time stop)
    • IF NOT… I will do a Bart Simpsons exercise of 7 days, 50 sentences of: “I will trust my trading skills and take my exits accordingly”.
  • M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Trade from D and upwards unless a possible momentum trade, value acceptance or otherwise. 
• Risk Management
  • At least 1 trade with 1% risk, 2nd trade only if first one worked out
  • Capital Preservation during drawdown allows for 1R profit-taking
  • 2 consecutive days of lack of sleep = NO TRADING

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